Core Viewpoint - The Financial Regulatory Administration has amended certain regulations to align with the new Company Law, particularly regarding the establishment of supervisory boards and the management of related party transactions in financial institutions [1][3]. Group 1: Regulatory Changes - The new Company Law, effective from July 1, 2024, introduces new requirements for the establishment of supervisory boards and the management of related party transactions involving directors, supervisors, and senior management [3]. - The amendments include provisions allowing financial institutions to replace supervisory boards with audit committees composed of directors, thereby optimizing corporate governance structures [4][6]. Group 2: Related Party Transactions - The revised regulations enhance the management of related party transactions, requiring that all such transactions involving directors, supervisors, and senior management be submitted for approval by the board of directors or shareholders [8]. - For daily financial products or services that do not meet the threshold for significant related party transactions, the approval process can be simplified, allowing for a unified resolution by the board or shareholders [8][9]. Group 3: Implementation and Practicality - The Financial Regulatory Administration emphasizes the need for financial institutions to adapt their internal systems and processes to comply with the new regulations, ensuring effective management of related party transactions and risk prevention [1][6]. - The amendments aim to improve the operational feasibility of the related party transaction management requirements, making it easier for institutions to comply while maintaining oversight [7][8].

Core Viewpoint - The National Financial Supervision Administration has decided to amend certain regulations to align with the Company Law of the People's Republic of China, impacting trust companies and banking insurance institutions [1][2]. Group 1: Amendments to Regulations - An additional clause has been added to Article 43 of the "Trust Company Management Measures," allowing trust companies to establish an audit committee composed of directors to exercise the functions of the supervisory board, thus eliminating the need for a supervisory board or supervisors [1]. - An additional clause has been added to Article 57 of the "Interim Measures for the Equity Management of Trust Companies," mirroring the changes made in the "Trust Company Management Measures" regarding the audit committee and supervisory board [1]. - An additional clause has been added to Article 45 of the "Management Measures for Related Transactions of Banking and Insurance Institutions," stipulating that related transactions involving directors, supervisors, senior management, and their relatives must be reviewed by the related transaction control committee and approved by the board of directors or shareholders' meeting, with specific exemptions for minor transactions [1]. - The terms "shareholders (general) meeting" have been uniformly changed to "shareholders' meeting," and references to the "China Banking and Insurance Regulatory Commission" have been updated to "National Financial Supervision Administration" across the three regulations [1]. Group 2: Implementation - The amendments will take effect immediately upon publication, with the relevant regulations being republished to reflect these changes [2].